Marketing Consultants Westminster
Competitor Analysis - Marketing Plan
Areas to be covered in the Competitor Analysis section:
Include figures of the market share of each competitor, ideally in both value and quantity terms.
Product / Service Characteristics
For each competitor analyse the characteristics of the product or service. This includes price, quality, distribution, and service (e.g. after-sales support).
If price and quality are the main points of differentiation in your industry you can map them onto a graph, helping to illustrate the current industry situation and any gaps in the market.
This includes any advantages as a result of the current market position, levels of brand recognition, potential to respond to a threatening new entrant, and any cross-promotional partnerships.
This could be anything from weaknesses in the product to poor customer service and reputation issues.
Remember to distinguish between companies taking advantage of their dominant position through charging higher prices and those companies that are charging higher prices because their costs determine that they have to. A weakness is only a real weakness if the company cannot instantly adjust its strategy.
Customer Analysis - Marketing Plan
Areas to be covered in the Customer Analysis section:
Include statistics on the size of the market, both in terms of the number of customers and the value of the industry as a whole.
Attempt to put the above figures into context through providing statistics detailing the growth (or decline) of the market over recent years.
Divide the customers in the market into different groups based on common characteristics.
Value DriversIdentify what each customer segment values when it comes to your industry.
How price sensitive is each segment, is quality an important consideration, and how important is convenience or are customers willing to go out of their way to get the right product or service?
Include details of who actually purchases your product or service and who is responsible for encouraging that purchase.
For many products the buyer is not actually the end user, often considered the customer.
For example, around 50% of purchases of women’s perfume are actually made by men. The product may be for women but it’s very important to also focus marketing efforts on men. ‘Pester Power’, used to describe the process of kids pushing parents into making a purchase, is another example.
Similarly, there are a surprisingly high number of products and services for whom the buyer is not the main driver being making the purchas...
Experiential marketing is about providing a brand experience where consumers can interact directly with a brand. Through allowing consumers to directly engage with a brand it is a much more personal form of marketing than traditional media.
"Experience marketing defines the future of marketing. We live in an increasingly consumer controlled marketplace... the only way to maintain an adequate degree of relevance as a marketer is to provide the consumer an experience in the self-defined and controlled sphere in which he lives," Erik Hauser, Founder and Creative Director, Swivel Media
Top brands are extremely optimistic about this form of marketing, with 62% predicting that experiential marketing will be one of the largest areas of growth over the next five years.
Why is experiential marketing becoming so popular?
One simple reason - it gets results. Consumers are increasingly alienated and turned off by traditional forms of advertising. Experiential marketing is different in that it allows consumers to interact with products and make up their own mind, rather than being told how good they are.
Over recent years word of mouth has become the marketing buzz word, and when it comes to proactively encouraging word of mouth 74% of brands believe that experiential marketing is the best way to do this.
Creating an experiential marketing campaign
Experiential marketing includes field working, in-store promotions, roadshows, promotional events, exhibitions and street performers. In essence, any form of marketing that allows consumers to sample and interact with your product is experiential marketing.
The first step when creating a campaign is to know your target market. You need to know who they are and where they go. Experiential marketing is all about going out and interacting with consumers - you can only do this when you know where they are.
Once you've identified a range of suitable locations you can start developing the idea. This requires real creativity and don't be afraid to be adventurous. Remember that the display or event must be interesting and stimulating. The last thing you want to do is to put on a dour display.